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1.Question
:
(TCO A) Wages paid to an assembly line worker in a
factory are a
2.Question
:
(TCO A) A cost incurred in the past that is not
relevant to any current decision is classified as a(n)
3.Question
:
(TCO A) Depreciation of office buildings and office
equipment is also known as
4.Question
:
(TCO A) When the activity level is expected to
increase within the relevant range, what effects would be anticipated with
respect to each of the following?
5.Question
:
(TCO F) Which of the following statements is true?
I. Overhead application may be made slowly as a job is
worked on.
II. Overhead application may be made in a single
application at the time of completion of the job.
III. Overhead application should be made to any job
not completed at year end in order to properly value the work in process
inventory.
6.Question
:
(TCO F) A job-order cost system is employed in those
situations where
7.Question
:
(TCO F) The FIFO method only provides a major
advantage over the weighted-average method in that
8.Question
:
(TCO B) The contribution margin ratio always decreases
when the
9.Question
:
(TCO B) Which of the following would not affect the
break-even point?
10.Question
:
(TCO E) In an income statement prepared using the
variable costing method, variable selling and administrative expenses would
1.Question
:
(TCO A) The following data (in thousands of dollars)
have been taken from the accounting records of Larop Corporation for the
just-completed year:
Sales.................................................................................
$910
Purchases of raw
materials................................................
$225
Direct labor.......................................................................
$245
Manufacturing
overhead....................................................
$265
Administrative
expenses....................................................
$150
Selling expenses................................................................
$140
Raw materials inventory,
beginning.....................................
$15
Raw materials inventory,
ending.........................................
$45
Work-in-process inventory, beginning.................................
$20
Work-in-process inventory,
ending.....................................
$55
Finished goods inventory,
beginning...................................
$100
Finished goods inventory, ending.......................................
$135
Required: Prepare
a Schedule of Cost of Goods Manufactured in the text box below.
2.
Question :
(TCO F) The Illinois Company manufactures a product
that goes through three processing departments. Information relating to
activity in the first department during June is given below.
Percentage Completed
Units Materials Conversion
Work in process, June 1 150,000 75% 55%
Work in process, Jun 30 145,000 85% 75%
Units Materials Conversion
Work in process, June 1 150,000 75% 55%
Work in process, Jun 30 145,000 85% 75%
The department started 475,000 units into production
during the month and transferred 480,000 completed units to the next
department.
Required: Compute the equivalent units of production
for the first department for June, assuming that the company uses the
weighted-average method of accounting for units and costs.
3.Question
:
(TCO B) A tile manufacturer has supplied the following
data:
Boxes of tile produced and sold 625,000
Sales revenue $2,975,000
Variable manufacturing expense $1,720,000
Fixed manufacturing expense $790,000
Variable selling and admin expense $152,000
Fixed selling and admin expense $133,000
Net operating income $180,000
Required:
a. Calculate the company's unit contribution margin.
b. Calculate the company's unit contribution ratio.
c. If the company increases its unit sales volume by
5% without increasing its fixed expenses, what would the company's net
operating income be?
4.Question
:
(TCO E) Lehne Company, which has only one product, has
provided the following data concerning its most recent month of operations:
Selling price
$ 125
Units in beginning inventory
600
Units oroduced
3000
Units sold
3500
Units in ending inventory
100
Variable costs per unit:
Direct materials
$ 15
Direct labor
$ 50
Variable manufacturing overhead
$ 8
Variable selling and admin
$ 12
Fixed costs:
Fixed manufacturing overhead
$ 75,000
Fixed selling and admin
$ 20,000
The company produces the same number of units every
month, although the sales in units vary from month to month. The company's
variable costs per unit and total fixed costs have been constant from month to
month.
Required:
a. What is the unit product cost for the month under
variable costing?
b. What is the unit product cost for the month under absorption costing?
c. Prepare an income statement for the month using the variable costing method.
d. Prepare an income statement for the month using the absorption costing method.
b. What is the unit product cost for the month under absorption costing?
c. Prepare an income statement for the month using the variable costing method.
d. Prepare an income statement for the month using the absorption costing method.
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